Nevada’s unemployment rate is second-highest in the country

Victor Joecks

Your monthly reminder that the stimulus was and is an epic failure.

Nevada’s jobless rate, at 13.3 percent, was the second-highest among U.S. states behind Michigan, the Labor Department said today in Washington. Unemployment in Rhode Island reached 13 percent, and Florida’s rate climbed to 11 percent, the highest since data began in 1976.

The national jobless rate is 9.8 percent, even though President Obama promised (not that his word can be trusted) that with the stimulus, national unemployment wouldn’t rise above 8 percent.

Proof that the stimulus (and Keynesian economics) failed

And early reports show that stimulus spending has benefited states with the lowest unemployment rates.

Stimulus spending favors states with lower unemployment rates than Nevada

Just another reminder why the government shouldn’t pick the winners and losers in an economy. Even if the government picks you as a winner occasionally, over time, everyone loses.

Casinos make billions of dollars off of this principle. We shouldn’t be suckered by this game when our politicians play it.